10/01/2011
By Ilonka Oudenampsen
State Street Global Advisors (SSgA), the investment management business of State Street Corporation, has completed its acquisition of Bank of Ireland Asset Management (BIAM), which was first announced in October 2010, for approximately €57 million inclusive of estimated net assets of the business of €14 million.
The acquisition adds new Dublin-based clients and employees, and managed assets including global fundamental active equities, fixed income, cash, asset allocation, property and balanced funds. Total BIAM assets under management at 31 December 2010 were approximately €26 billion. The new operation, State Street Global Advisors Ireland Limited, becomes SSgA’s 10th global investment center from which investment teams manage client assets.
Scott Powers, president and chief executive officer of State Street Global Advisors, said, “We are pleased to complete this acquisition of an organisation that has built a strong franchise with a first-rate investment team that shares our focus on research and commitment to clients. We look forward to the benefits that our combined resources will bring to our clients globally.”
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